Former Pompey Chairman Mandaric in Foxes Bid - 31/10/2006

Former Pompey chairman Milan Mandaric looks like he is closing on a deal to buy Championship side Leicester City. Mandaric, believed to be based in America, has been seeking a new football challenge since handing control of Pompey over to Russian Alexandre Gaydamak. He had previously been interested in taking over at Ipswich Town, but the deal stalled. He is thought likely to make a £25m offer for the Foxes which would include £15m to buy back the freehold of the Walkers Stadium from American owners Teachers who currently lease the ground to the Foxes. The remainder of the money would be used to purchase the club and strengthen the team. Leicester went into administration three years ago owing more than £50m. The club is keen to make a serious bid to return to the Premiership and the board has been listening to offers since the summer. A statement from the club said, 'Discussions have been held with a number of interested parties, and the board is currently considering a variety of options.'